Cybersecurity Challenges in the Pharma Industry

June 30, 2022 Joseph Hernandez 0Comment

The number of cyberattacks on biotech and pharma companies is expected to increase by 50% by 2020. Improperly trained employees are challenging, but Cloud-based technologies can strengthen security measures. Here are some tips to help you secure your data. Let us explore these cybersecurity challenges. What are the ways cybersecurity considerations for pharmaceutical companies? How can Cloud-based technologies help?

Cyberattacks on biotech and pharma companies increased by 50% between 2019 and 2020

Recent BlueVoyant research shows that cyberattacks on biotech and pharma companies are increasing. From 2017 to 2018, attacks on these companies increased by 200%. However, attacks are not limited to this type of malware. Ransomware has also become an increasingly common form of attack in this industry, with almost half of all attacks being due to ransomware. Because biotech companies do not always have adequate cybersecurity protections in place, they are vulnerable to ransomware. Fortunately, however, biotech and pharma companies can take steps to mitigate the threat.

This increase in attacks comes at a critical time. With precious IP and large amounts of patient data, pharmaceutical and biotech companies are a prime target for cybercriminals. In addition, the threat environment in the pharmaceutical and biotech industries is elevated during the pandemic. As a result, cyberattacks on pharmaceutical companies have increased by 50% between 2019 and 2020.

The increase in attacks is particularly alarming given the importance of data and analytics in clinical trials. The principal researchers cannot afford to have their data compromised by a cybercriminal. In addition to extortion, ransomware attacks have other risks, such as the threat of publication of stolen data, which could damage the reputation of the companies. The stolen data can even be sold on the dark web.

Improperly trained employees are a challenge.

The pharmaceutical industry is a prime target for cyber-attacks. Its focus on innovation, intellectual property, and patient health data make it an ideal target for hackers. In the world of health data, the pharma sector is a hot spot for cyber-criminals, according to a recent study by Deloitte. In addition, this industry stores sensitive data online, making it an attractive target for hackers. Below, Jack Garnsey outlines some steps pharma companies can take to improve their cybersecurity defenses.

A lack of cybersecurity training among pharmaceutical employees is a significant challenge. As a result, employees don’t know how to protect confidential data from hackers, and as a result, this information is easily stolen. Not only can these data breaches lead to serious consequences for a company’s operations, but they can also lower the company’s value. That’s why it’s essential to train employees properly.

To address this challenge, pharma companies must implement robust cybersecurity protocols. These protocols should be flexible and comprehensive, with an overall operating model and clearly defined roles. In addition, security awareness training programs should be conducted regularly to update staff on the latest threats and should be a part of a company’s security culture. These training programs can help pharma companies maintain awareness of cyber threats and protect their valuable assets.

Cloud-based technologies offer an opportunity to bolster security.

In addition to managing massive amounts of sensitive information, pharmaceutical companies are responsible for ensuring their systems are secure. Although other sectors have embraced cloud computing systems, the pharmaceutical industry has been a late adopter. While cloud adoption has numerous benefits, it may also have negative impacts. For example, a company may experience difficulty adjusting to cloud migration and may experience problems retaining data in the cloud.

The healthcare industry must adhere to HIPAA regulations. Cloud-based solutions can help these organizations stay HIPAA compliant and do not require additional money to maintain. Furthermore, unlike physical systems, cloud-based systems are scalable. Because they can scale quickly, hospitals do not have to invest in expensive infrastructure in case of future growth. In addition, they pay for only the capacity they require and can increase it as needed.

In addition to providing ongoing security monitoring, cloud service providers can provide incident response services. Because many IT departments lack resources, continuous security monitoring, and incident response may not be able to be handled. In addition to offering this critical service, cloud service providers have experience with stable cloud environments. They know where to look and what to do when problems arise. Furthermore, cloud services can reduce operational and capital expenses while enhancing security.

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